The Lagos division of the Federal High Court has struck out an order for the Asset Management Corporation of Nigeria (AMCON) to enforce receivership over oil and gas firm General Hydrocarbons.
General Hydrocarbons is owned by Nduka Obaigbena, the chairman of THISDAY Group and ARISE Media Group.
Justice Akintayo Aluko on Friday ruled that a suit initiated by Seyi Akinwunmi, the receiver/manager appointed by the corporation over the assets of the energy firm to implement the receivership, is an abuse of court process in light of a subsisting order issued by the same court.
Mr Akinwunmi, the judge said, launched legal proceedings in disregard for the injunction granted by Justice Ambrose Lewis-Allagoa in September, restraining AMCON, its agents, privies, nominees, etc, from appointing a receiver over General Hydrocarbons and its assets.
According to him, Mr Akinwunmi and his lawyer, Bidemi Ademola-Bello, intentionally suppressed facts in the course of obtaining the interim orders, adding that AMCON and the receiver failed to disclose the existence of the prior orders Justice Lewis-Allagoa granted.
Mr Akinwunmi did not immediately respond to PREMIUM TIMES’ request for comment.
The court noted that it would not have issued the interim orders of 24 October, if it had been in the know of the existing suit.
It disclosed that AMCON’s and the receiver’s action was capable of calling the credibility of the judicial process to question.
Justice Aluko dismissed the suit and reversed the interim orders the court granted in October.
Background
In September, Justice Lewis-Allagoa barred all actions against General Hydrocarbons or its assets over a debt incurred by Atlantic Energy Drilling Concept Nigeria Limited. The order would remain in force until the motion on notice in the suit was heard and determined, he said.
The court directed the restraining the injunction at AMCON, its managing director, First Bank of Nigeria Limited and the Attorney General of the Federation.
It also forbade the four defendants from taking any steps or continuing any moves to enforce any rights against the energy firm or its assets.
The rights, the court said, include “but not limited to freezing the accounts of the applicant, its directors or shareholders, the appointment of a receiver/receiver manager, asset manager, recovery agent, etc., over the applicant, the applicant’s assets, or the assets belonging to the applicant’s directors or shareholders.”
Mr Akinwunmi disclosed in a newspaper advertisement of 6 November announcing his appointment as receiver/manager over General Hydrocarbons by AMCON, where it said the oil firm is now under receivership.
That day, AMCON formally requested thirty-four financial institutions in Nigeria to block access to the assets (including funds) held by them on behalf of the company.
“At the time AMCON appointed me receiver manager, there was no order against me. I was appointed under the law, and I am operating according to law,” Mr Akinwunmi told PREMIUM TIMES.
A lawyer of General Hydrocarbons informed PREMIUM TIMES that AMCON had obtained the order to enforce the receivership from a court of equal jurisdiction presided over by Justice Aluko.
On Monday, the receiver/manager’s ploy to draft in a new lawyer – Oluseye Opasanya – into the legal battle to substitute Abiodun Laniyonu, who had represented General Hydrocarbons right from the start of the tussle, hit a brickwall.
Justice Lewis-Allagoa said the step ran contrary to a current court order and quashed the move on that score.
The suit is up for hearing on pending applications on 30 January 2026.
Arbitral award
On 28 October 2025, an arbitral tribunal ordered General Hydrocarbons to pay First Bank of Nigeria $112,100 and N111.25 million in legal and arbitration costs.
Justice Akaah Kumai, who gave the ruling, said failure by General Hydrocarbons to do so will attract a 10 per cent annual interest rate until full settlement.
The legal battle resulted from a subrogation agreement dated 29 May 2021 under which General Hydrocarbons undertook to settle a debt of $718 million owed by Atlantic Energy to First Bank, later purchased by AMCON as an eligible bank asset.
First Bank undertook to provide extra credit to finance the development and production of OML 120 as per the terms of the agreement.
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The lender claimed that General Hydrocarbons defaulted on its repayment obligation, forcing it to seek arbitration after various failed attempts at recovery.
General Hydrocarbons, however, alleged that the bank violated the provisions of the agreement by refusing to make available absolute and timely financing, sabotaging alternative funding efforts, and causing losses including liabilities to third party and resulting in loss of productive time in the development of OML 120.
According to the lender, the bank’s financing obligation was conditional and not absolute but subject to review and professional discretion in accordance with banking policies and regulatory stipulations.
The arbitral tribunal maintained that First Bank’s obligation to fund OML 120 development is conditional, and not absolute.
It established that General Hydrocarbons did not make a compelling argument to show that First Bank committed any breach.
It said that the introduction of AMCON as a financing option by First Bank aligned with the agreement and is not a breach.
The tribunal refused all the prayers sought by General Hydrocarbons, including damages for unpaid contractor fees, losses and termination of the subrogation agreement.
“GHL is not indebted directly or indirectly to AMCON in any way, shape or form, and GHL does not have any non-performing loans with FBN, AMCON or indeed with any other bank or financial institution,” the company said.
